Hong Kong minibus king’s family to sell The Center assets at 34% discount from 2018 price

Hong Kong investors continue to offload property assets at discounts amid high interest rates, and consultants expect more financially stressed owners will be forced into the same position in coming months.

The floors have been broken down into 13 smaller units to be sold individually, according to Centaline Commercial, the sole agent. The units range from 1,842 sq ft to 9,565 sq ft. The owner will first offer eight units with an intended price starting from HK$21,800 (US$2,800) per square foot – about 34 per cent below the HK$33,000 Ma paid in 2018.

Ma’s family owns more than 10 floors of the building, and is also selling the 53rd floor.

The 45th floor was the highest available subdivided floor in Central, a Centaline agent said, and this was the first time the owner agreed to break down floors.